Clinuvel Pharmaceuticals (CLVLY)

[FarmaZutical]

Fair value for EPP Europe is $20-25. <$50 when the US is added.

XP is at least as valuable as EPP and when added as the next indication it will have to be reflected in the share price.

Vitiligo is a potential blockbuster and even with a low, risk weighted value is should represent $10 when it’s taken to phase 3.

The new cosmetic line will also represent a value and then there is Enfance and the new products that albeit at an early stage still represent a value. Especially because it’s increasingly clear that management actually delivers.

$100 is not unrealistic within 2-5 years.